Financials Carborundum Universal Limited Bombay S.E.

Equities

CARBORUNIV

INE120A01034

Commodity Chemicals

Market Closed - Bombay S.E. Other stock markets 06:00:54 2024-07-12 am EDT			5-day change	1st Jan Change
1,691 ^INR	+0.41%		-0.90%	+51.92%

Jun. 24	Carborundum Universal Limited Directorate Resignations	CI
May. 06	Carborundum Universal Limited Provides Earnings Guidance for Fiscal Year 2025	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	42,050	96,587	151,458	187,228	241,313	321,661	-	-
Enterprise Value (EV) ¹	38,964	90,024	150,065	185,528	236,861	316,612	312,826	310,782
P/E ratio	15.4 x	34 x	45.5 x	45.3 x	52.4 x	55.2 x	46.4 x	39.9 x
Yield	1.24%	0.59%	0.44%	0.36%	0.32%	0.29%	0.34%	0.38%
Capitalization / Revenue	1.62 x	3.67 x	4.56 x	4.02 x	5.13 x	6.16 x	5.43 x	4.83 x
EV / Revenue	1.5 x	3.42 x	4.51 x	3.99 x	5.04 x	6.06 x	5.28 x	4.66 x
EV / EBITDA	9.77 x	19.3 x	26.9 x	28.5 x	32.1 x	37.1 x	30.9 x	25.8 x
EV / FCF	14 x	25.5 x	185 x	135 x	62 x	72.3 x	50.5 x	57.1 x
FCF Yield	7.16%	3.92%	0.54%	0.74%	1.61%	1.38%	1.98%	1.75%
Price to Book	2.26 x	4.53 x	6.4 x	6.64 x	7.72 x	8.87 x	7.76 x	6.59 x
Nbr of stocks (in thousands)	189,412	189,573	189,857	189,944	190,258	190,270	-	-
Reference price ²	222.0	509.5	797.8	985.7	1,268	1,691	1,691	1,691
Announcement Date	6/6/20	4/28/21	5/13/22	5/8/23	5/3/24	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	25,990	26,317	33,248	46,543	47,022	52,255	59,223	66,645
EBITDA ¹	3,986	4,656	5,569	6,519	7,388	8,538	10,118	12,037
EBIT ¹	2,941	3,661	4,424	5,018	5,481	6,690	8,216	9,591
Operating Margin	11.32%	13.91%	13.31%	10.78%	11.66%	12.8%	13.87%	14.39%
Earnings before Tax (EBT) ¹	3,505	3,946	4,765	5,799	6,502	7,506	9,006	10,693
Net income ¹	2,724	2,843	3,333	4,140	4,612	5,752	6,845	8,070
Net margin	10.48%	10.8%	10.03%	8.89%	9.81%	11.01%	11.56%	12.11%
EPS ²	14.38	14.99	17.52	21.74	24.22	30.63	36.42	42.40
Free Cash Flow ¹	2,790	3,527	813	1,373	3,822	4,377	6,195	5,441
FCF margin	10.74%	13.4%	2.45%	2.95%	8.13%	8.38%	10.46%	8.16%
FCF Conversion (EBITDA)	70%	75.75%	14.6%	21.07%	51.72%	51.27%	61.23%	45.2%
FCF Conversion (Net income)	102.43%	124.05%	24.39%	33.17%	82.85%	76.1%	90.51%	67.42%
Dividend per Share ²	2.750	3.000	3.500	3.500	4.000	4.854	5.767	6.448
Announcement Date	6/6/20	4/28/21	5/13/22	5/8/23	5/3/24	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	8,992	8,693	11,398	11,278	11,871	11,996	12,032	11,463	11,514	12,012	12,600	12,988	13,417	13,803
EBITDA ¹	1,616	1,170	1,275	1,630	1,710	1,903	1,795	1,675	1,925	2,094	2,022	2,239	2,350	2,455
EBIT ¹	1,337	826.7	846.4	1,185	1,237	1,520	1,338	1,217	1,443	1,584	1,656	1,709	1,820	1,925
Operating Margin	14.87%	9.51%	7.43%	10.51%	10.42%	12.67%	11.12%	10.61%	12.53%	13.19%	13.14%	13.16%	13.56%	13.95%
Earnings before Tax (EBT) ¹	1,412	927.1	1,050	1,215	1,409	1,896	1,595	1,476	1,634	1,797	1,768	-	1,999	-
Net income ¹	1,016	570.3	787.7	889.9	1,091	1,371	1,132	1,019	1,113	1,348	1,314	1,440	1,515	1,585
Net margin	11.29%	6.56%	6.91%	7.89%	9.19%	11.43%	9.41%	8.89%	9.67%	11.23%	10.43%	11.09%	11.29%	11.48%
EPS ²	5.340	3.000	4.140	4.680	5.730	7.200	5.940	5.350	5.840	7.080	7.100	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/10/22	5/13/22	8/1/22	10/28/22	1/31/23	5/8/23	8/2/23	10/27/23	1/31/24	5/3/24	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	3,086	6,563	1,394	1,700	4,452	5,048	8,835	10,879
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,790	3,527	813	1,373	3,822	4,377	6,195	5,441
ROE (net income / shareholders' equity)	15.2%	14.8%	14.8%	16%	15.5%	16.9%	17.7%	18.1%
ROA (Net income/ Total Assets)	12%	-	-	-	11.4%	14.4%	16.3%	17.2%
Assets ¹	22,619	-	-	-	40,382	39,891	41,940	46,992
Book Value Per Share ²	98.10	112.0	125.0	149.0	164.0	191.0	218.0	256.0
Cash Flow per Share ²	-	-	-	-	31.60	38.20	47.40	56.20
Capex ¹	1,279	981	1,632	2,929	2,194	3,020	2,402	2,470
Capex / Sales	4.92%	3.73%	4.91%	6.29%	4.67%	5.78%	4.06%	3.71%
Announcement Date	6/6/20	4/28/21	5/13/22	5/8/23	5/3/24	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Carborundum Universal Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,691 INR

Average target price

1,510 INR

Spread / Average Target

-10.67%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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